LOS ANGELES--(BUSINESS WIRE)--OpenGate Capital, a global private equity firm, announced today that it has completed the sale of one of its portfolio companies, TV Guide Magazine and its digital platform, TV Insider, to NTVB Media. TV Guide Magazine is one of the most popular magazines in the country with over 13 million weekly readers, and for more than 60 years has been the premier source for entertainment news, reviews and information about television programs. Terms of the transaction were not disclosed.
OpenGate Capital acquired TV Guide Magazine in late 2008 from Rovi Corporation at a time when the publication had been underperforming for years and was facing deep challenges due to the rapid decline in the print advertising market. Within 12 months of ownership, OpenGate Capital’s operations team worked with the staff at TV Guide Magazine to realign its cost structure and improve its editorial content and ultimately guided the business back to a state of continual profitability. In the following years, TV Guide Magazine continued to reshape and refocus its editorial content and rose once again to be the preeminent voice on television programming. In early 2015, TV Guide Magazine launched TV Insider, a digital site that provides site members with unique insight into television shows, production and story lines from behind the scenes, and interviews with the creators of the shows.
Andrew Nikou, OpenGate Capital’s founder, Managing Partner and CEO stated, “The sale of TV Guide Magazine comes after nearly seven years of ownership and represents a significant turning point in OpenGate Capital’s evolution. The growth and innovation at TV Guide parallels the growth and evolution of OpenGate from a time when we were a young firm, working hard to establish our brand, to where we are today; an established, cross-border private equity firm with deep operational capabilities. While under our stewardship, the business of TV Guide was not just returned to a state of profitability, it also regained its prominence as the authoritative voice on television content, and it launched a new and innovative digital platform. I am incredibly proud of our achievements with this investment, and with the staff at TV Guide Magazine who made all of the success possible.”
Robert Lezec, Partner and head of global operations at OpenGate Capital, was responsible for the oversight of the investment in TV Guide Magazine and commented, “TV Guide is a great illustration of our firm’s investment strategy and a true testament to the quality and depth of our operating model. I am thrilled to have participated in the writing of a key chapter in this magazine’s long standing history and to have helped enable this iconic asset to emerge successfully from what will be remembered as one of the most challenging market conditions and transformative periods endured by the media industry.
NTVB Media is a leading publisher of TV entertainment and listings magazines reaching 3 million readers each week. TV Guide Magazine joins a portfolio of other titles including TV Weekly, TV Life, Channel Guide Magazine, Hopper Magazine, and VIEW! Magazine.
Reed Phillips, CEO and Managing Partner of Desilva + Phillips LLC, an investment bank, provided advisory services on this transaction.
About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses seeking revitalization through growth and operational improvements. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California and maintains offices in Paris, New York, and São Paulo. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate and build successful businesses. To date, OpenGate Capital has executed more than 30 transactions ranging from corporate divestitures to turnaround acquisitions, industry consolidations and other special situation investments. The OpenGate portfolio of wholly owned businesses generates approximately $2.5 billion in revenue and includes businesses from a wide range of industries and geographic markets. For more information, please visit www.opengatecapital.com.